Purchasing a home may seem like it is an impossible task for some people, especially for those who have never owned a home before.  Sometimes it can be challenging to find the perfect home but even more of a challenge to some may be saving up money for a downpayment on a house.

Downpayments for homes in New York is generally 10% of the purchase but can be higher or lower depending on the seller of the home.  You may find yourself in a dilema because you want to purchase a home and want to take advantage of the homebuyer tax credit, low interest rates and low housing prices but do not have enough money saved up right now for the downpayment amount.

Here are some tips that may help you get the money for the downpayment amount you need so that you can purchase a home and take advantage of the first time homebuyers tax credit of up to $8,000 before the time is up on April 30, 2010 (must be in contract by this date):

•  If you see a house you are interested in find out how much they are asking for the downpayment amount if it is a little too pricey for what you are looking for in a downpayment amount but you are able to handle the monthly payments it would cost for the mortgage of the house try to negotiate with the seller to find out if they would be flexible with the downpayment amount and lower it slightly;
• If you get a lump sum of money back for taxes and are expecting your refund to arrive soon you may want to consider using the money you get back from taxes for a downpayment on a home;
• If you do not have enough for a downpayment on a house and are looking to purchase a home in New York City (Staten Island, Brooklyn, Manhattan, Queens and the Bronx) you may be eligible for assistance with your downpayment amount with the HomeFirst Downpayment Assistance Program.